In: Economics
If I gave you $50,000 in seed money to create a $100M company how would you execute?
I choose as my market to open a boutique geared for the "Maturity Woman" and my product would be affordable but nice dresses/suits. (I'm using Tabots and Chico as examples - only very dressy clothing):
1.Sourcing and Setting up of the Boutique
We will identify a list of places/premises that shall be at a
location that is advantageous in terms of greater footfall of
target customers and also within a reasonable distance from the
designer hub.
We will short list the locations through scientific methodology and
meet with the short listed prospects who own the premises
After detailed discussions and business understanding the best
location shall be selected for our boutique having our prescribed
dimensions and based on our requirements.
The boutique shall be renovated and painted as per our colour
scheme after general terms & conditions of rent agreed upon
with the landlord through written rent agreement signing.
Brining in of stock from different designers in a phased
manner.
2. Performance Tracking of the Boutique
There shall be defined reporting formats and frequency for
Boutique to report the daily/weekly/monthly performance tracking of
Boutique employees w.r.t. Sales numbers, Revenues, Expenses,
Customer Base, etc
There shall be review and corrective action planning of employees
to be done by the us, based on the reports.
Performance Report Card of employees shall be maintained for
tracking the performance of their role and to see if there is
improvement in their work in order to bring in exellence in their
blood
3. Compliance Audits of Boutique
Quarterly Audit planning to cover the entire Boutique
Conducting of compliance Audits of the Boutique and delivery based
on defined checklists and formats
Detailed Audit Findings Report sharing with the employees and
corrective action planning to reduce and bridge the gaps identified
during the Compliance Audits
4. Customer Satisfaction Survey
Creation of customer satisfaction survey questionnaire
Roll out of the customer satisfaction survey by emailing the
questionnaire through email or through telephonic interview
Collation of data obtained through the customer satisfaction
survey
Preparation of report from the data collated
Analysis of the report created through the collated data
Action planning and implementation of action points to increase in
customer satisfaction so that there is customer loyality and repeat
customers as well as references to others by delighted
customers